By David Fields
A prevalent assumption concerning the United States’ global position posits precipitous hegemonic decline. Conventional wisdom, predominant since the 1970s, suggests that the U.S. has been on the verge of losing its preeminent status, as evidenced by the collapse of the Bretton Woods system and the subsequent emergence of the Eurozone, BRICS, and the spectacular rise of China. Proponents of this view tend to interpret U.S. current account deficits as an unsustainable imbalance, predicting a hard landing scenario resulting from resoundingly widespread divestment from dollar-denominated assets. Similarly, academic and political anxieties regarding a more disorderly international system, often linked to a perceived weakening of U.S. influence, are further amplified by recent fascist political rhetoric of “America First”.
To construct an effective critique of U.S. imperialism, it is pertinent to ascertain that the United States is not experiencing a significant hegemonic decline; its structural power within the capitalist world-system persists without substantial challenge.
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